The proposed date of applicability for section 194Q is July 1, 2021. Per the charging proviso to this section, the section will apply to any person who is a buyer, and who is responsible for making payments to a resident for the purchase of goods when the value or aggregate of either ...
Section 194Q of the Income Tax Act is recently introduced vide the Finance Act, 2021. Under section 194Q “It is provided for TDS by the person responsible for paying any sum to any resident for purchase of goods. The rate of TDS is kept very low at 0.1%. The tax...
including sale of property.TDS on sale of property is applicable under Section 194-IA of the income tax law. However, buyers and sellers need not worry about TDS implications at all if the property value is up to Rs 50 lakh. On property deals involving more than Rs 50 lakh, TDS on pro...
warranties or guarantees whatsoever are made as to the accuracy, adequacy, reliability, completeness, suitability or applicability of the information to a particular situation. PDSPL or its affiliates or associates or its employees do not provide any judgement or warranty in respect of the ...
.Enter the surcharge and cess details for each deductee status. You can enter the required surcharge slab details with the applicability date.Accept the screen. As always, you can press Ctrl+A to save.TDS Nature of PaymentFor payments attracting TDS, the relevant nature of payment is defined...
5% Off on Professional Courses And Much More! Subscribe Now FAQ 4. At what rate tax is to be deducted? The tax shall be deducted by the buyer of goods at the rate of 0.1% of the purchase value exceeding Rs. 50 lakhs if the seller has furnished his PAN or Aadhaar, otherwise, the ...
To add, as same supplier site can be a provider of multiple services which attract TDS applicability based on the nature of services, user should be able to use this feature to default the relevant applicable TDS. Also, there can be scenarios where same supplier is providing goods ...
GST TDS Applicability in India While making GST payments under GST, regular taxpayers are not required to deduct TDS. Only the following taxpayers are allowed to comply with GST TDS provisions: As per the latest notice, dated 13th Sept 2018, the below entitles will also need to deduct TDS:...
Options Turnover = Absolute profit + premium on sale of options As per the 8th edition of Guidance note Options Turnover = Absolute profit How will it impact Tax Audit applicability? The new guideline will reduce the turnover calculation for many options traders and consequently bring down the...
Aadhaar PAN Linking – Provisions, Applicability & Impact On NRIs, Foreign Citizens Etc India Budget 2019 Proposals – Impact on NRIs, OCIs, PIOs, Non-Residents Our core features Start – Up Ventures We act as business advisors and financial consultants to strategise and oversee the ...